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Below are the top 3 cryptocurrencies you should have in your wallet this week. It includes Ethereum, Bitcoin, and Solana.
Ethereum is a distributed computing platform that facilitates the development and execution of decentralized applications and smart contracts without the need for a central authority or the possibility of disruption, theft, or control. Ethereum is a decentralized, permissionless, and non-hierarchical network of computers (nodes) that create and reach agreements on a growing list of transaction batches, or “blocks.” This list is what’s known as the blockchain.
Ether is the coin used only on this site (ETH). In terms of market capitalization, it ranks second only to Bitcoin. Ethereum was suggested in 2013 by programmer Vitalik Buterin. Crowdfunded in 2014, the network launched on July 30, 2015, with an initial quantity of 72 million tokens. Many ICOs and other types of decentralized fundraising rely on Ethereum for token generation and trading (ICOs).
Ethereum’s price has dropped significantly recently, in line with the declines of other major cryptocurrencies. Investors who have been patiently waiting for the ideal moment to dip their toes into the cryptocurrency market may want to consider taking advantage of the current low pricing, say some market watchers. The next bull run will likely start soon, and Ethereum is one of the 3 best cryptocurrencies to trade this week.
A person or group of persons working under the alias Satoshi Nakamoto proposed the concept of Bitcoin in 2008. Its development was a major step forward in secure communication.
Blockchain technology is at the heart of Bitcoin and other cryptocurrencies; it is essentially a distributed digital ledger that records transactions and is shared across a large network of computers.
Despite its volatility, bitcoin has been steadily increasing in value. The largest cryptocurrency by market cap is Bitcoin (BTC), which has surpassed $400 billion. It was designed to work as a medium of exchange in decentralized environments and as a way of preserving purchasing power.
Proof of work, the technique by which new entries in the distributed ledger are validated by solving a cryptographic problem, ensures that Bitcoin transactions cannot be tampered with by malicious parties. Whether its price goes up or down, bitcoin will still be the leading cryptocurrency. As long as it persists, excessive liquidity will favor traders regardless of market stability.
Because of these and other factors, Bitcoin is considered by many to be one of the top 3 cryptocurrencies to trade this week.
Solana is a leading alternative to Ethereum and has been dubbed a “killer of Ethereum.”
The developers of the platform said their goal in creating the network was to make it more efficient than competing blockchains.
Solana is a layer-1 blockchain that is both permissionless and fast, making it a feasible open-source network. It’s the go-to framework for creating decentralized applications and utility tokens, so investors stand to gain a lot. As a result, the SOL token, which is native to the platform, is a cryptocurrency with excellent long-term potential.
Solana’s ability to handle 65,000 TPS at almost no cost and with very cheap gas is perhaps the most astounding and ground-breaking aspect of the platform.
Notably, the value of any cryptocurrency fluctuates up and down over time. There was a significant drop in the value of numerous cryptocurrencies due to market instability brought on by the COVID-19 epidemic. Solana, on the other hand, has been expanding even while the cryptocurrency market as a whole has been declining lately.
It also has its proprietary blockchain technology, which is a proof-of-stake/proof-of-history hybrid that ensures the validity of every transaction. Additionally, it processes transactions quicker than Ethereum, the second biggest cryptocurrency.
With the right combination of development and technology, Solana might become a rapidly expanding cryptocurrency. Solana’s scalability is due in large part to its user-friendliness and inexpensive price point.
Among the dozens of cryptocurrencies available today, SOL stands out for its consistent development and promising future.
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